Indian cab aggregator Ola has signed a Memorandum of Understanding (MoU) with ICICI Bank to launch a range of integrated offers to Ola’s customers and driver-partners.
The first offering as part of the MoU will be Ola booking facility on ICICI Bank’s mobile banking platforms. ICICI Bank customers can book a cab and pay the fare by using the bank’s mobile banking applications; ‘iMobile’ and ‘Pockets’.
Ola’s customers will also get access to instant small ticket digital credit from ICICI Bank, on the Ola Platform. The digital credit will be available on the basis of a real-time credit assessment algorithm created by the bank. The assessment will be based on financial and digital behaviour patterns like ride frequency and amount among others.
As per a statement from the company, the bank will instantly ascertain the creditworthiness of a customer and extend digital credit within a few seconds. The entire process will be completely digital, without requiring any paperwork.
“From API integration, to launching new products and solutions tailored to suit our common pool of millions of customers, the two brands will capitalise on each other’s strengths to deliver superior experience and enable smart, sustainable and inclusive mobility for India,” Bhavish Aggarwal, Co-Founder and CEO of Ola said in a statement.
ICICI Bank will offer a ‘Pay Direct’ card for Ola’s driver partners. With this, Ola’s auto and cab drivers will be able to get their daily earnings directly into their ‘Pay Direct’ card accounts. Additionally, driver partners can also swipe this card at merchant outlets for their purchases.
ICICI Bank will also launch a new co-branded credit card in association with Ola. With this card, customers will benefit from several exclusive offers such as cashbacks and accelerated reward points.
“This new partnership resonates our effort of bringing in path breaking solutions, making mobility in banking simpler than ever before. We will continue the model of co-creating to deliver innovative products and services to our customers,” Anup Bagchi, Executive Director, ICICI Bank said.